The world's advanced economies are facing a deep economic crisis. All of the main advanced economies witnessed a steep fall in Gross Domestic Product (GDP) in the fourth quarter of 2008.
During the same period, the recession bit deeper in Italy, as it did throughout the world and the euro area. In 2008, overall GDP was 1% lower than 2007, and in the last quarter of 2008 it had dropped by 2.6% on the same period of 2007.
Italy's index of industrial production in 2008 fell by 3.3% compared to 2007, but if the month of February 2009 is compared with February 2008 it fell by 20.7%. The index of industrial orders follows a similar pattern, falling by 3.2% annually, yet it plummeted by 32.7% from February 2008 to February 2009.
Against this backdrop, it is estimated GDP for Veneto in 2008 will stagnate, -0.5%, and forecasts predict a 2.2% drop for the end of 2009. The result for 2008, a little better than the national figure, can be attributed to the holding up of services in the face of a decline in value added for manufacturing.
The Gross Domestic Product per inhabitant in Veneto in 2007, the most recent year for official statistics, was 30,038 euro, greater than the national figure of 25,862 euro.
In 2008 regional exports, equal to about 48.3 billion euro, grew in nearly all of the geographic areas except for North America (-12.7%). The growth of flows of direct exports to the 27 countries of the European Union experienced a rate more or less in line with that of previous years (+2.3%).
In Veneto in 2008 inflation was on average the same as at national level, i.e. 3.3%.
(Chapter 1 in figures)